If Hipsters Decide That Pabst Blue Ribbon Has Become Cliché

question 35

Multiple Choice

If hipsters decide that Pabst Blue Ribbon has become cliché and they seek out a more iconic beverage, what will happen in the market for PBR?

• A) Demand will decrease, quantity demanded will decrease, and price will increase.
• B) Supply will decrease, quantity demanded will decrease, and price will decrease.
• C) Demand will decrease, quantity supplied will decrease, and price will decrease.
• D) Demand will decrease, quantity supplied will increase, and price will decrease.

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Definitions:

Standard Deduction

A fixed amount deducted from income before income tax is calculated, available to all taxpayers who do not itemize their deductions.

Married Couple

Two individuals who are legally married to each other and may file taxes jointly or separately.

Filing Status

A category that defines the type of tax return form an individual or entity will use, based on marital status and other factors.

Adjusted Gross Income (AGI)

A person's entire income before adjustments, reduced by certain allowable deductions, to calculate the income subject to tax.